Valentino, Balmain owner Mayhoola names Riccardo Bellini managing director

The Mayhoola investment fund has confirmed its interest in the luxury world by hiring a sector expert. The Qatari ruling family’s investment company, which owns Italian labels Valentino and Pal Zileri as well as Parisian house Balmain and Turkish department store chain Beymen, has appointed Riccardo Bellini to the newly created post of managing director.

Bellini will collaborate with Rachid Mohamed Rachid, Mayhoola’s CEO, “in overseeing the strategic and operational activities of Mayhoola’s luxury brand portfolio. As managing director, Bellini will play a crucial role in defining the group’s business, helping brands improve their performance, encouraging talent development, and identifying growth opportunities, while preserving the unique identity and strength of each brand,” Mayhoola said in a press release.

Italy-born Bellini worked until December 2023 at Chloé, the label owned by Swiss luxury group Richemont. He had been named CEO in 2019, and was replaced by Laurent Malecaze. Bellini has an Economics degree from Milan’s Bocconi University, and started his career at Procter & Gamble, where he worked for 12 years, the last two as marketing director of the Beauty & Prestige division.

In 2007, he joined Renzo Rosso’s OTB group, where he spent 10 years working at denim label Diesel in various managerial and marketing roles. In 2015, he was appointed executive vice-president and marketing director of Diesel and Diesel Black Gold, and two years later he took charge of Maison Margiela, where he remained until 2019.

“We are building a more solid organisation. I am delighted to be working with Riccardo, and to continue to strengthen our brands. I am convinced that Riccardo’s leadership style and extensive experience in the fashion and luxury sectors will contribute to Mayhoola’s continued success,” said Mohamed Rachid.

In July 2023, Mayhoola entered into a partnership with Kering, which acquired a 30% stake in Valentino with an option to buy the Italian label in its entirety, while the deal gives Mayhoola the possibility of eventually acquiring a stake in the French luxury group.